It’s perhaps the most common question that anyone buying or selling a house has. Just what makes my house worth more or less? We’ve helped many people bring their home to the market successfully, or find the perfect house, and here’s our run-down of exactly what affects the price of your home.
Property prices vary widely across the whole of the UK, and the most important determining factor of what a house is worth is what part of the country it’s in. A 2-bed terraced house in Scarborough, for example, could be yours for around £100,000. The same property in an up-and-coming location like Bristol could cost you anywhere from £250,000 to £450,000.
In addition to where in the country a house is, its location in the local area also plays an important part in determining its value. Suburban properties are generally more affordable for their size than city-centre ones, reflecting the high demand for centrally-located homes. If a home boasts local amenities and attractions that can also add to its value; a property that’s within walking distance of shops, leisure centres, pubs, restaurants and entertainment venues will command a higher price than one a bus journey away.
Size And Number Of Rooms
The bigger a house is, the more it’s worth. However, don’t think that just adding volume to a property is the best way to increase its value; there are some features which are more sought-after than others. Bedrooms are the biggest factor, followed by bathrooms and kitchens. If you’re looking to add some value to your home, the best thing you can do is find a way of adding another bed or two.
Gorgeous old properties are a bit of a double-edged sword. They’re very attractive and command a high price, but don’t appeal to such a wide market. The hassle of dealing with a draughty old building, and of having to seek permission for any changes, makes listed properties less appealing to the mass market, but still with a high demand from certain buyers.
If you can’t make a property bigger, then making it better is another great way to add value. Generally speaking, “luxury” refurbishments are not a great way to make a home worth more - the best thing to do is make sure the entire property is held to a high standard throughout. Rather than focusing on all-marble worktops in the kitchen, invest in less showy but more practical improvements; re-tile the bathroom, or purchase double glazing.
Scope For Improvement
A property that can easily be made even better will command a higher price. Demonstrating the potential of a home is a good idea, so try and secure planning permission for extensions, parking spaces, and conservatories before the property hits the market.
Finding The Right Price
Pricing a property correctly is a very difficult thing, and much will depend on the knowledge of your agent. They’ll have in-depth knowledge of wider trends and the property values in your area, and will help you to decide on a price that generates interest without underselling the home.